DBS blazes path for SMS banking
By Enterprise Innovation editors | 2014-10-20
DBS has introduced SMS Banking to its suite of mobile banking offerings to allow customers to perform simple banking transactions outside of the internet banking environment.
The Singapore bank said that by making it possible for customers to check their account balances via SMS, more than 15,000 hours spent at ATMs today can be used for other transactions such as withdrawals every month.
SMS Banking plays an important role in DBS’ mobile banking strategy as it extends the bank’s service offerings to customers who may not require the extensive capabilities of m-Banking.
Many consumers are also more familiar with the SMS function and have used SMS to make service requests or to participate in marketing promotions.
“Over the last few years, SMS adoption has increased across the bank as it is used as a marketing tool and for service alerts,” said Louis Foo, SVP of consumer banking group eBusiness at DBS Bank Singapore.
“SMS banking also has great potential as an alternative mobile banking channel that can close the gap between internet banking users and non-users,” said Foo. “It allows us to cater to different levels of banking needs and make banking easier for our customers.”
In November, the bank will also introduce SMS remittances to India, Indonesia and Philippines for POSB Payroll Account customers, enabling them to remit funds at their convenience using SMS.
The POSB Payroll Account is a salary crediting account for Work Permit (WP) holders, which can be opened as part of the WP application process with the Ministry of Manpower.
The number of remittances to India, Indonesia and Philippines has doubled over the past year. In August alone, there were more than 70,000 remittances made to these countries.
